The man in Singapore pays $ 42,000 in Ethereum for a brand new car


Someone is enjoying the New Year trip and they are doing it with their Ethereum. This is the case of David Lau, a 27-year-old Singapore-based developer who has just joined a car payment with Ethereum tokens. The brand new Honda Vezel that you buy is worth $ 84,000, and intends to pay half that money with cryptocurrency.

$ 42,000 worth of Ethereum to pay for the car

Further details in the transaction show that David Lau had already made a deposit of $ 10,000 for the car in Ether tokens. It intends to make an additional payment of $ 32,000 in the next three weeks. The remaining part of the money will eventually be paid in fiat by a loan that will be obtained from the bank.

David Lau, who started investing in cryptocurrencies over the past two years, revealed that in 2018 he had a portfolio of $ 500. But to date, his digital assets are currently worth around $ 50,000. The enthusiastic encrypted revealed that his interest had been welcomed with virtual currencies when the hype around it was intense and we can assume he was late in 2017.

MGH Cars, the first in Singapore to accept cryptocurrencies

The car dealership, on the other hand, is MHG Cars, which entered service in December 2018. According to Lydia Ang, the company's director, they are the only car dealership company that accepts cryptocurrency for payments. in Singapore. He added that even if this is a niche market, there will be significant changes in the future.

The director also noted quickly that accepting digital resources helped reduce transaction fees from 3% to 1%. He said this was lower than when transactions are made using the credit card. Furthermore, there were no regulations in the country to guide the use of such currencies and, as such, the company was not influenced by policies that might exist in some jurisdictions.

Respectable leaders Note on development

While the attention of the crypto-enthusiasts was turned on for this transaction, other respectable leaders in the area made comments. Chia Hock Lai, president of the Singapore Fintech Association and president of the Token Economy Association, said he was surprised. He also called it a one-of-a-kind operation, adding that the use of cryptocurrencies for payments to Singapore was rare.

This may be unique for the region, but not for places in the United States, Venezuela, and other countries where virtual currencies are accepted online and offline by companies. The Birks group, a jewelry retailer including Rolex, began accepting Bitcoin in November of last year.

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